Shared Ownership

geoffky

villa2010 wrote: »

Can you tell me more about this housing crash:-

- when is it likely
- How bad will it be
- what parts of the country it will hit.

Was this the same one that was predicted 2 years ago!

The crash is here now... we have just bought a house for 39% less than original asking price..thats 180k paid from a 299k asking price..

read this...............http://www.insidehousing.co.uk/ihstory.aspx?storycode=6501770

HAMISH_MCTAVISH

I'm usually against shared ownership out of principle, but I do accept it can have some benefits in limited circumstances.

The main advantages are:

1. You're buying security of tenure. You can't be kicked out on short notice like at the end of an AST.

2. You're buying more flexibility of conditions (in most cases), ie, pets, redecorating, etc.

3. With rents soaring, it can end up cheaper than private rentals in some areas.

4. If you intend to buy the remaining shares over time as your income improves, it can offer a good structured way to do so, particularly in this day and age where mortgages for a whole house are so severely restricted for FTBs.

There are also pitfalls, as Graham has pointed out above. Very much depends on the individual scheme and persons circumstances.

HAMISH_MCTAVISH

villa2010 wrote: »

Can you tell me more about this housing crash:-

Yes.

It's over.

It lasted from late 07 until early 09, and prices have since risen by around 10%, then fell back a couple of percent, and are now rising again. We are in the post-crash bumping-along-the-bottom phase.

Sure, you'll see minor fluctuations both up and down for the next couple of years, but nothing dramatic either way.

thriftychap_2

I have been waiting for this 'crash' for the past two years, and imo i dont see it coming, slight dip of a few percent and stagnation but a crash? i dont think so, not in my area (south east) anyway. My flat purchased in 2009 for 110k was valued on friday at between 125 and 130k. I think the best time to get a get a significant bargain has passed, especially on new bulid property, which mine was.

villa2010

Running_Horse wrote: »

If you are living in an expensive area and unlikely to ever buy outright, and if you are buying a forever family home, then it's probably the best option. If you are single and buying a flat just outside London, you might end up with a lemon you can't sell when you need to move onto the next stage of your life. As you have already bought it, I would get on with your life, and ignore the views of others. Why are you asking for confirmation now?

Why not?

We have not paid any money yet!

Is not good to be 100% before you make a move!

So when People say that shared Ownership properties are a scam.Do they mean that:-

- All 100% of SO are scams
- They are all a rip off

villa2010

Thanks folks for all your responses - your leg ends...!

I have heard they can be a nightmare to sell.

Our SO is a 2 bedroom newbuild located in tidy little village in the south west. Do you think this will be hard to sell in 3-4 years time?

Graham_Devon

villa2010 wrote: »

Our SO is a 2 bedroom newbuild located in tidy little village in the south west. Do you think this will be hard to sell in 3-4 years time?

All I can say is people are moving in and out all the time here.

Not sure how long the houses are actually up for sale though, as you don't get the for sale boards.

Running_Horse

Well, anyway. Good luck with whatever choice you make. Only you have access to the minor details and clauses of your scheme. And only you know if it right for you. Here you will mostly hear the same old arguments rehashed over and over, by the usual suspects.

HAMISH_MCTAVISH

thriftychap wrote: »

I have been waiting for this 'crash' for the past two years,.

Some of our posters have been waiting a lot longer than that....;)

There are even some people (yes, I know it sounds mental, but it's true) who sold up in 2002 whilst proclaiming a 40% crash was due, and have been renting ever since!!!

And when the so-called experts can't time the markets, most people have no chance.

Some, like Jonathon Davis, can be found spouting the same old nonsense in the media to this day, desperately trying to spook the markets and make their gamble of STR-ing in 2002 pay off.

Others, like Merryn Somerset Webb, editor of moneyweek, gave up after STR-ing in 2006, and bought back in last year having seen the value of what they sold increase since.

villa2010

best advice website ever....!